Independent Auditor’s Report

To the Shareholders and Supervisory Board of Sberbank

We have audited the accompanying consolidated financial statements of Sberbank
and its subsidiaries ("the Group"), which comprise the consolidated statement of
financial position as at 31 December 2011, and the consolidated income statement,
consolidated statements of comprehensive income. of changes in equity and of cash
flows for the year then ended, and a summary of significant accounting policies and
other explanatory information.

Management's responsibility for the consolidated financial
statements

Management is responsible for the preparation and fair presentation of these consolidated
financial statements in accordance with International Financial Reporting
Standards, and for such internal control as management determines is necessary to
enable the preparation of consolidated financial statements that are free from material
misstatement, whether due to fraud or error.

Auditors' responsibility

Our responsibility is to express an opinion on these consolidated financial statements
based on our audit. We conducted our audit in accordance with International Standards
on Auditing. Those standards require that we comply with ethical requirements and
plan and perform the audit to obtain reasonable assurance whether the consolidated
financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts
and disclosures in the consolidated financial statements. The procedures selected
depend on the auditors' judgment, including the assessment of the risks of material
misstatement of the consolidated financial statements whether due to fraud or error.
In making those risk assessments, the auditor considers internal controls relevant to
the entity's preparation and fair presentation of the consolidated financial statements
in order to design audit procedures that are appropriate in the circumstances but not
for the purpose of expressing an opinion on the effectiveness of the entity's internal
control. An audit also includes evaluating the appropriateness of accounting policies
used and the reasonableness of accounting estimates made by management as well as
evaluating the overall presentation of the consolidated financial statements.
We believe that the audit evidence we have obtained is sufficient and appropriate to
provide a basis for our audit opinion.

Opinion

In our opinion, the consolidated financial statements present fairly, in all material
respects, the financial position of the Group as at 31 December 2011, and its financial
performance and its cash flows for the year then ended in accordance with International
Financial Reporting Standards.